9 Of The Best Credit Cards You Can Get In Canada For Perks Like Cash Back, Travel & Groceries

Cash back

The best credit card for cash back is the SimplyCash Preferred Card from American Express, according to creditcardGenius.

It gives you 4% back on grocery and gas purchases along with 2% cash back on all other purchases with an annual fee of $119.88.

It was shared in the ranking that no other cash-back credit card earns you 2% everywhere with a bonus in some popular shopping categories.

Plus, the card offers $40 every month you spend $750 during the first 10 months.

creditcardGenius noted that cash back is only paid out once a year as a statement credit and Amex acceptance is lower than Visa or Mastercard.

Travel

If you're looking for the best travel credit card, creditcardGenius ranked the American Express Cobalt Card in the top spot for 2023.

The card — which was also named the best credit card overall — gives you flexible rewards, a welcome bonus, insurance, and perks.

Plus, if you transfer your points to Aeroplan, you’ll get a solid 4.5% return on your spending, making this card a top choice for travel lovers.

Air Miles

For anyone who earns points through this loyalty program, the best credit card for Air Miles is the BMO Air Miles World Elite Mastercard.

You can get up to 3,000 bonus Air Miles, up to three miles per $1 spent on purchases, an annual 25% discount on one rewards flight per year and access to the Mastercard Travel Pass.

Also, you can try the credit card out for free for a year before committing long-term.

However, there are income requirements of either $80,000 personal or $150,000 household associated with this card.

Students

If you're in school right now and are looking for a credit card for the first time or want one that is tailored to your situation, the best student credit card is the BMO CashBack Mastercard for students, according to creditcardGenius.

There is no annual fee and you get multiple redemption options for cash back, which you earn on every purchase.

You get 5% cash back for the first three months, and then up to 3% cash back on purchases after that.

Plus, you're able to redeem cash back on demand with this card.

Balance transfers

It's possible to fall behind on payments and get into credit card debt so a balance transfer credit card could help you get out of debt.

That's because balance transfer credit cards allow you to move debt from one card and to another.

So, creditcardGenius recommended the MBNA True Line Mastercard as the best credit card for a balance transfer.

It gives you 12 months of relief from high-interest charges with 0% balance transfer interest and there is no annual fee.

Foreign exchange

If you travel for business or for vacation and often spend money in other countries, the best foreign exchange credit card is the Scotiabank Gold American Express Card.

It was ranked as the top card by creditcardGenius because it has no foreign exchange fee and you get an average of 2.45% return on spending along with 12 types of insurance coverage.

Low interest 

When it comes to the best low-interest credit card, the Scotiabank American Express Platinum Card was ranked the highest in Canada.

It offers a permanent low rate of 9.99%, no foreign exchange fees and 10 free airport lounge passes per year.

Plus, you can earn two points for every $1 spent on all purchases and there are multiple ways to redeem points for the best value.

However, creditcardGenius noted that there is also a high annual fee of $399 with this card.

Groceries

Buying groceries is a necessity so if you want to take advantage of that spending, the best credit card for groceries is the Scotia Momentum Visa Infinite Card.

You earn 4% cash back on all your grocery purchases and recurring bill payments, 2% cash back on gas and transit, and 1% cash back on all other purchases with this card.

If you don't want to get a Visa, creditcardGenius shared that two other best credit cards for groceries are the MBNA Rewards World Elite Mastercard and the American Express Cobalt Card.

Perks

The best credit card for perks overall is the American Express Platinum Card.

With this card, you get unlimited lounge access for you and a guest, a dedicated concierge line, a $200 annual travel credit, VIP treatment at Toronto Pearson Airport, perks at hundreds of hotels, complimentary high-tier status, and more.

Also, you earn up to three points per $1 spent on purchases and you have the ability to transfer your points to six airline partners.

To get all of that, you'll have to pay a high annual fee of $699.